Bigmerce (BIGC)2024-08-01 11:11Revenue Performance - Total revenue for Q2 2024 was $81.8 million, an increase of 8% year-over-year[2] - Total annual recurring revenue (ARR) reached $345.8 million, up 4% compared to the previous year[2] - Enterprise ARR was $253.8 million, reflecting a 7% increase year-over-year[2] - Subscription solutions revenue was $61.8 million, up 10% compared to Q2 2023[2] - Revenue for the three months ended June 30, 2024, was $81,829,000, representing a 8.4% increase from $75,443,000 for the same period in 2023[26] - Revenue from the Americas – United States was $62,428,000 for the three months ended June 30, 2024, compared to $57,546,000 in the prior year, reflecting a growth of 8.3%[27] - The company reported a total revenue of $162,189,000 for the first half of 2024, up from $147,200,000 in the first half of 2023[30] Profitability and Loss - GAAP net loss was ($11.3) million, an improvement from ($19.1) million in Q2 2023[4] - Non-GAAP net income was $4.1 million, or 5% of revenue, compared to a loss of ($1.5) million in Q2 2023[4] - Adjusted EBITDA for Q2 2024 was $3.0 million, compared to a loss of ($2.5) million in Q2 2023[5] - Non-GAAP net loss for the three months ended June 30, 2024, was $(11,255,000), compared to $(19,065,000) for the same period in 2023[20] - Net loss for the three months ended June 30, 2024, was $(11,255,000), an improvement compared to a net loss of $(19,065,000) for the same period in 2023[29] - Non-GAAP operating income for the three months ended June 30, 2024, was $1,891,000, compared to a loss of $(3,365,000) in the same period last year[28] - The company reported a non-GAAP basic net income per share of $0.05 for the three months ended June 30, 2024, compared to a loss of $(0.02) in the same period last year[29] Future Projections - The company expects Q3 2024 total revenue between $82.0 million and $84.0 million, indicating a year-over-year growth rate of 5% to 8%[9] - For the full year 2024, total revenue is projected to be between $330.2 million and $335.2 million, translating to a year-over-year growth rate of 7% to 8%[9] Operational Metrics - The number of enterprise accounts increased to 5,961, a 1% rise compared to Q2 2023[3] - The average revenue per account (ARPA) for Enterprise Accounts is calculated by including customer-billed revenue and an allocation of partner and services revenue[17] - Total current assets increased to $355,781,000 as of June 30, 2024, up from $341,986,000 as of December 31, 2023[21] - Total liabilities rose to $426,393,000 as of June 30, 2024, compared to $418,525,000 as of December 31, 2023[21] - Cash and cash equivalents increased significantly to $133,088,000 as of June 30, 2024, from $71,719,000 as of December 31, 2023[21] Expense Management - The total operating expenses for the three months ended June 30, 2024, were $75,506,000, a decrease from $77,582,000 for the same period in 2023[22] - Non-GAAP cost of revenue for Q2 2024 was $18,783,000, accounting for 23.0% of revenue, slightly down from 23.2% in Q2 2023[31] - Non-GAAP sales and marketing expenses for Q2 2024 were $31,287,000, which is 38.2% of revenue, down from 42.5% in Q2 2023[32] - Research and development expenses for Q2 2024 totaled $20,287,000, representing 20.8% of revenue, compared to 23.1% in Q2 2023[33] - General and administrative expenses for Q2 2024 were $15,436,000, maintaining 15.7% of revenue, consistent with Q2 2023[34] Cash Flow - Total cash provided by operating activities for the three months ended June 30, 2024, was $14,743,000, compared to $0 for the same period in 2023[24] - Net cash provided by operating activities for Q2 2024 was $11,738,000, down from $14,743,000 in Q2 2023[35] - Free cash flow for Q2 2024 was $10,674,000, compared to $13,726,000 in Q2 2023[35] - Cash and cash equivalents at the end of the period were $134,208,000, significantly up from $75,631,000 at the end of June 30, 2023[24] Stock-Based Compensation - The company incurred stock-based compensation expense of $10,021,000 for the three months ended June 30, 2024, down from $11,372,000 in the prior year[28]